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NIFTY FMCG Weekly Outlook and Analysis:
For the Week: (Jan 25,2021 – Jan 29,2021)
NIFTY FMCG Index closed the week on negative note losing 199.75 points 0.58%.
Weekly High: 34,974.05
Weekly Low: 34,248.20
Weekly Close: 34,430.30
Weekly Support & Resistance For Nifty Index:
| RESISTANCE 2 | 35,276 |
| RESISTANCE 1 | 34,853 |
| SUPPORT 1 | 34,127 |
| SUPPORT 2 | 33,825 |
NIFTY FMCG index opened tad higher and dragged in opening session of the week. Index then traded lackluster and range bound throughout the week. We expect index likely continue its sideways corrective action till it trade below 35000 levels.
Technically on the daily charts we see minor support on the downside for NIFTY FMCG index lies at 34000 levels, whereas minor resistance on the upside is capped around 34900–35000 levels.
If NIFTY FMCG index breaches minor support on the downside and closes below it, we may see fresh break down and index can drag towards major support on lower side around 33700 and if breaches minor resistance on the upside and closes above it, we may see fresh breakout and index can head towards higher levels around 35400.
Currently NIFTY FMCG index is trading above 200 days exponential moving average and suggests long term trend is bullish. EquityPandit’s analyst predicts range for the week is seen from 33900 on downside and 35000 on upside.
